CMB_1993 — Page 26

22. CAPITAL COMMITMENTS

Capital commitments outstanding at 30th June, 1993 not provided for in the accounts were as follows:-

Contracted for

Authorised but not contracted for

23. POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date, the following events have occurred:-

Group and company

1993

1992

$000's

$000's

1,026

950

(a) The company has transferred a bus depot at Wong Chuk Hang Road to a new wholly owned subsidiary at an open market value of $90 million. The depot has been leased to the company in accordance with the new franchise granted by the Government for operating bus services at a nominal rent of $100 per annum for a period of two years from 1st September, 1993.

(b) The company has reached agreement in principle, subject to contract, with a property developer to establish a limited company which would be owned equally by the developer and a new wholly owned subsidiary of the company. This new company will purchase from the company a property at King's Road, North Point for a consideration of $360 million. Such disposal of property will be subjected to the approval of the company's shareholders in general meeting. The profit attributable to the group arising from such disposal will be accounted for in the accounts for the year ending 30th June, 1994 upon finalisation of the relevant agreement.

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